The MoU was signed in the 16th joint economic cooperation commission meeting between Iran and Oman.
During the signing ceremony, Minister of Industry, Mine and Trade Mohammad Reza Ne'matzadeh and Oman's Minister of Trade Ali bin Masoud al-Sunaidy were present.
The MoU contains cooperation to facilitate reinsurance between the two countries, joint investment to develop reciprocal reinsurance, easing direct and indirect investment for insurers of both states, transferring expertise in the field of actuarial science, growth and development of life insurance, assessment of damages, and execution of information technology in insurance industry.
Governor of Central Insurance of IR Iran Abdol Nasser Hemmati said in the signing ceremony that by this MoU we are to meet the insurance needs of Oman.
The Omani minister, for his part, called for accelerating joint insurance process and evaluated that the issue would be important in developing relations between the two countries.